Mumbai — India stocks plunged in a last-hour selloff as investors weighed positions ahead of the national election results due next week and as escalation in the trade war between the US and China remained an overhang on the region’s risk assets.
The S&P BSE Sensex dropped 1 per cent, after fluctuating between gains and losses for most of the session. The selling pushed the index to briefly breach the 100-day moving average and close at a two-month low of 37,090.82 in Mumbai.
It was the ninth consecutive session of decline for the gauge, its longest stretch of losses since February, data compiled by Bloomberg show. The NSE Nifty 50 Index fell 1.2 while the India NSE Volatility Index — a gauge of expected swings used to price options — reached its highest level since September 2015.
India’s marathon general election is now in its final phase with 59 seats in eight states going to vote on May 19. The results will be declared on May 23. On the earnings front, 17 of the 27 Nifty companies that have reported results so far have either met or exceeded estimates.